council house mortgage

by Mark Johnston Buying an Ex Council House. First Choice Finance is a specialist in helping people buy their council house , sometime with a huge discount. Buying an Ex Council House. 129 Wingfield Road 300 months. You'll need to prepare for various new financial responsibilities, including: Mortgage repayments: if you fail to keep up your mortgage You can apply for council housing through your local council. I think you have to live in a council house to have the opportunity to buy it. get a mortgage from a bank or building society. How to apply for a council house or flat - housing waiting lists, types of tenancies, the Right to Buy scheme and repairs, complaining about the council Apply for a Right to Buy mortgage. This article will take you through the basics of buying your council house, so that you can decide whether it’s a good move for you. Representative Example: Mortgages & Remortgages In addition, the figures shown in respect of both repayment and interest only mortgages do not include the cost of additional life cover. We Advice Upon & Arrange Mortgages & Loans. A mortgage broker who specialises in mortgages for the self-employed may a good option, as they will know different lenders’ criteria and which are most likely to be able to offer you a deal. S71 3PW. A 50% discount would be £250,000, but with the cap set at £103,900 in London, you'd still need a mortgage of £396,100. Right to buy scheme. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. If you are a council house tenant then you may have the opportunity to purchase your property via the right to buy scheme. Find out more from the Money Advice Service about the process of buying a home. The right to buy scheme is a government scheme which helps council tenants buy their homes with a discount. And there’s no catch. In England, the maximum council house discount is £84,200. A Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. Council House Mortgage It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. We have quite a few lenders who will now do 100% Right to Buy Mortgages and we anticipate that new entrants will enter the market in 2018. I could be wrong on that. Council House Discount. Make an enquiry and we’ll help connect you to an expert mortgage broker. Income such as Child Tax Credits, Working Tax Credits, Child Benefits can be used. The above calculations are only examples and are not guaranteed. To qualify for the Right to Buy you need to have been a public sector tenant for a minimum of two years. New council mortgage scheme to offer lower rates than most banks. Bad Credit Explained What is the difference between credit score and credit history? At 30k Its gotta be bought because the required work will cost 20k . Support with Mortgage Interest or housing costs paid with Pension Credit. Written quotations available from individual lenders. The discount you will receive is based on the region your home is located in. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. Please be aware, your results are only an estimate and should not be considered as a mortgage quote until we have gathered further information from you. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. You'll be responsible for repairs once you own your home. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. Council house tenants are losing their homes after being targeted by mortgage companies encouraging them to borrow ridiculous amounts of money to buy their properties. Other Reclaiming: Mortgage Fees, Council Tax etc; Mortgage-Free Wannabe; House Buying, Renting & Selling; Debate House Prices & the Economy; Savings & Investments; ISAs & Tax-free Savings; Pensions, Annuities & Retirement Planning; Auto-enrolment; Budgeting & Bank Accounts; Insurance & Life Assurance; Cutting Tax; Money Saving Polls While most mortgage brokers will charge you a hefty fee for using their service, we don’t. People in areas with high house prices, such as London, may struggle to afford to pay for a mortgage even with the discount. Last in Block. The money the council gives you to give up your council house could be used as a mortgage deposit and could be very helpful to allow you to buy a new home. Dundee City Council's mortgage scheme is available for first time buyers of Council owned housing stock advertised on the open market. Advice on this and more is available from Money Advice Service – follow the links below or call them on 0300 500 5000: 100% free help with the initial Right to Buy application. The best way to get a mortgage for an ex-council flat is to speak to an expert broker who has specialised experience in securing ex-council flat mortgages. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. income-based Employment and Support Allowance, Income Support or income-based Jobseeker's Allowance. Our Housing and Community Services help Dublin's citizens find secure and comfortable accommodation in Dublin, and work to improve the community. If you know the purchase and discount figures being offered to you (use your best estimate if not) these can be used to carry out some initial research for the monthly payments. The risks of buying a council house. The Housing Act 1980 was an Act of Parliament passed by the Parliament of the United Kingdom that gave five million council house tenants in England and Wales the Right to Buy their house from their local authority. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. Right To Buy scheme allows secure tenants of council homes and housing association properties to buy their home with a significant discount South Yorkshire We Are Not A Lender. Total Payable Loans secured on property. Looking At Buying Your Council HouseCouncil House Mortgage PlansHelp Throughout The Right To Buy Process. Details of which can be found by visiting www.fca.org.uk. Right to Buy council house qualification means you can get a discount when you buy it. Rebuilding Ireland Home Loan. For secured loans the lender will require a charge on your property and in the case of endowment mortgages, an endowment/life policy for the amount of the advance and a charge over the property. The council are offering you this money to give up your council house because it will cost them the same amount over a year or over 2 years if you remain in the council house. This can save you the trouble and impact to your credit rating of a failed mortgage application. 4.5% APRC Having the opportunity to purchase your council property is one thing but, for many, this will involve a mortgage and as such you will also need to establish if it is affordable for you. Thanks to the government’s Right to Buy scheme, it is possible for you to buy your council home, to qualify you must meet the following criteria – • It is your only or main home • It is self-contained • You’re a secure tenant • You’ve had a public sector landlord for 5 years – for example a council, housing association, or NHS trust. Mortgages & Homeowner Secured Loans Are Secured On Your Home. SK6 8DX. We have lenders who will allow extra borrowing for home improvements. Unsecured Personal LoansREPRESENTATIVE 49.9% APR (VARIABLE) The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. At 4.6% Variable, £461.95 for 0800 092 0800 24 Hours a Day, 100% Right to Buy Mortgages, a council house mortgage with additional monies for home improvements or repaying debts, or buying your local authority/council home. To buy a home you usually need to: pay a deposit. Firm Reference Number 302981. immovable property. It is available nationwide from all local authorities from 1st February 2018. pay for surveyors reports and legal fees. Details of which can be found by visiting www.fca.org.uk. First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. If you been living in a council house for three years, you’ll be entitled to a 35% Right to Buy discount. Apply for a Council Mortgage. After five years, ... You can let out your property as soon as the mortgage has been finalised, although you’ll have to inform your council and there may be a one-off fee involved. First Choice are tied to certain unsecured lenders. Authorised & Regulated By The Financial Conduct Authority (FCA). Credit Problems & A Right to Buy Mortgage, All You Need to Know About A Fixed Rate Mortgage, What You Need to Know About Debt Consolidation, What You Need to Know About Your Credit Score. £138,585. Contact Us | About Us | Loan Companies | Privacy Notice | Site Map | Finance Videos | Finance Info, Need help? THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST For example, a council home in London could be worth £500,000 on an open market valuation. You’ll have to pay full rent until your savings drop below the threshold (I believe pp was right in saying that’s £16k). Please contact us to speak about buying your council house if you have had credit problems in the past. The only chance you have is to buying a privately owned former council house, then is a matter between you and your mortgage provider whether you can transfer the mortgage … Credit £58,585 (incl £1360 fee). You can apply for a council house but you won’t be top of the waiting list and it won’t be free. Loans are subject to status and valuation and are not available to persons under 18 years of age. Rates From 7.1% APRC Established In 1988. Repairs and service charges. Borrow £80,000 over 25 years Copyright protected 2014-2018. The Act came into force on 3 October 1980 and is seen as a defining policy of Thatcherism.In Scotland the Right to Buy was provided by the Tenants' Rights, Etc. Companiesâ | Privacy Notice | Site Map | Finance Videos | Finance Info, need help to consecutive., Working Tax Credits, Working Tax Credits, Child Benefits can be found by visiting.. Or income-based Jobseeker 's Allowance Tax Credits, Working Tax Credits, Child Benefits can council house mortgage... Is based on the council house mortgage market valuation accommodation in Dublin, and work to improve the Community a and... The initial Right to buy you need to have been a public sector tenant for a of... 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